Energy Events for February 1, 2023
The agenda includes the OPEC meeting, the results of the US Federal Reserve meeting, crude oil and petroleum products stocks, as well as gasoline and distillate production.
00:30 GMT+3 – API Weekly Crude Oil Stock. Forecast: -1М. Previous value: 3.378M
13:00 GMT+3 – OPEC Meeting
The market expects the oil production quotas of OPEC countries to remain unchanged. Justified expectations are unlikely to cause fluctuations in oil prices. However, in the event of an increase or decrease in production, price volatility may increase significantly.
18:30 GMT+3 – Crude Oil Inventories. Forecast: 0.376M. Previous value: 0.533M
18:30 GMT+3 – Cushing Crude Oil Inventories. Forecast: –. Previous value: 4.267M
18:30 GMT+3 – EIA Weekly Refinery Crude Runs. Forecast: –. Previous value: 0.128M
18:30 GMT+3 – Crude Oil Imports. Forecast: –. Previous value: -1.791M
18:30 GMT+3 – EIA Weekly Refinery Utilization Rates. Forecast: 0.5%. Previous value: 0.8%
18:30 GMT+3 – Distillate Fuel Production. Forecast: –. Previous value: -0.009M
18:30 GMT+3 – EIA Weekly Distillates Stocks. Forecast: -1.3М. Previous value: -0.507М
18:30 GMT+3 – Gasoline Production. Forecast: –. Previous value: -0.034М
18:30 GMT+3 – Gasoline Inventories. Forecast: 1.442M. Previous value: 1.763M
18:30 GMT+3 – Heating Oil Stockpiles. Forecast: –. Previous value: -0.234M
The growth of Oil reserves, gasoline, fuel oil and distillates as a rule leads to a decrease in their cost when all other things equal. Conversely, a reduction in the reserves of oil, gasoline, fuel oil and distillates, leads to an increase in their prices.
However, usually data from the US Energy Information Administration (EIA) is published simultaneously, which means that it is necessary to evaluate the agency's report as a whole.
At the same time, the data from the American Petroleum Institute (API) are published earlier and are a kind of guideline in anticipation of official data from the US Energy Information Administration (EIA).
22:00 GMT+3 – Fed Interest Rate Decision. Forecast: 4.75%. Previous value: 4.5%
The growth of the Fed interest rates usually contributes to the strengthening of the dollar and the rise in the price of oil and petroleum products. However, the current slowdown in the rate of growth has a positive effect on the oil market.
More information is provided by the economic calendar.
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1 FebruaryThe White House expressed a negative assessment of the record profit of Exxon Mobile in 2022. The company earned $56 billion, and it’s a maximum for both itself and the whole oil industry of Western countries.
1 FebruaryThe US Interior Department’s Bureau of Land Management supports an accelerated plan of oil production. It includes 3 new wells across the Willow site in the Petroleum Reserve-Alaska, instead of having 5 wells predetermined earlier.
1 FebruaryOn February 2, the focus is on natural gas reserves in the United States. On February 3, data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold, silver, aluminum and copper are on the agenda.
2 FebruaryJapan was buying aluminum at a surcharge. Shipments from January to March were at $85-86 per ton, which is 13-14% less than in the previous quarter. Resources report weak demand and strong reserves of aluminum.
1 February